Santos and Petronas are transferring 15% and 5% interests respectively to Total, and upon completion of the transaction, Santos will hold a 45% interest in the project while Petronas and Total will hold 35% and 20%, respectively.
Pursuant to the agreement, Total will join the whole integrated LNG chain, with production from coal seam gas fields in Queensland to gas liquefaction in a dedicated plant in Gladstone on the eastern coast of Australia.
The plant will have a capacity of 7.2 million tonnes a year (mt/y), and Total is expected to have the commitment to offtake 1.5mt/y of LNG.
In addition, Total and Santos will explore potential further cooperation between them, with respect to other Santos gas assets in Australia.
The GLNG project consists of extracting coal seam gas from the Fairview, Arcadia, Roma and Scotia fields, located in the Bowen-Surat Basin in Queensland.
